INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of total income tax benefit (expense)

	Year ended December 31,
	2019		2018		2017
Income Tax (Expense) Benefit from Continuing Operations	$	(5,472,178)	$	(6,025,148)	$	22,481,523
Income Tax (Expense) Benefit from Discontinued Operations		(32,641,194)		(7,529,596)		(12,546,257)
Total Consolidated Income Tax Benefit (Expense)	$	(38,113,372)	$	(13,554,744)	$	9,935,266

Summary of provisions for income tax benefit (expense)

	2019				2018				2017
	Current		Deferred		Current		Deferred		Current		Deferred
Federal	$	(225,495)	$	(4,973,699)	$	(231,239)	$	(5,380,837)	$	1,729,007	$	18,959,360
State		19,998		(292,982)		(127,470)		(285,602)		153,234		1,639,922
Total	$	(205,497)	$	(5,266,681)	$	(358,709)	$	(5,666,439)	$	1,882,241	$	20,599,282

Summary of deferred income tax assets (liabilities)

	Deferred Tax
	2019		2018
Deferred Income Tax Assets
Depreciation	$	4,785,992	$	4,904,976
Intangible Lease Liabilities		6,503,574		7,111,608
Income Property Tenant Contributions		732,172		1,069,882
Impairment Reserves		92,751		1,393,415
Stock Options and Restricted Stock		1,274,694		977,210
Capital Loss Carryforward		20,750		20,750
Deferred Oil Lease Income		—		121,323
Other - Net		6,638		44,967
Gross Deferred Income Tax Assets		13,416,571		15,644,131
Less - Valuation Allowance		(272,966)		(272,966)
Net Deferred Income Tax Assets		13,143,605		15,371,165
Deferred Income Tax Liabilities
Sales of Real Estate		(87,353,465)		(67,388,733)
Income Property Lease Incentive		—		(606,820)
Discount on Equity Component of Convertible Debt		(42,400)		(238,200)
Basis Differences in Joint Ventures		(11,789,044)		(764,566)
Basis Difference in Alpine Income Property OP, LP		(3,979,966)		—
Interest Rate Swap		(73,924)		(486,543)
Deferred Revenue (Net of Straight-line Rent Adjustments)		(186,979)		(578,034)
Other - Net		—		(78,176)
Total Deferred Income Tax Liabilities		(103,425,778)		(70,141,072)
Net Deferred Income Tax Liabilities	$	(90,282,173)	$	(54,769,907)

Schedule of reconciliation of income tax computed at the federal statutory rate

	Year ended December 31,
	2019		2018		2017
Income Tax (Expense) Benefit Computed at Federal Statutory Rate	$	(4,410,318)	$	(4,557,366)	$	245,168
Increase (Decrease) Resulting from:
State Income Tax, Net of Federal Income Tax Benefit		(1,075,960)		(1,363,007)		39,677
Income Tax on Permanently Non-Deductible Items		(85,842)		(31,466)		66,015
Change in Corporate Federal Tax Rate		—		—		22,249,536
Other Reconciling Items		99,942		(73,309)		(118,873)
Benefit (Expense) for Income Taxes	$	(5,472,178)	$	(6,025,148)	$	22,481,523